Business Report: Debt to DC and NJ, Thriving Movie Industry, First Holiday Shopping Deals | Video

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We take stock of mountains of debt, both state and federal, and the politics around it. We’ll start in Washington, where Congress has two weeks to raise the debt ceiling. If the borrowing limit is not increased, the United States could default on its debt. Amid political wrangling on Capitol Hill, President Biden on Monday urged Congress to take action and warned that concerns in financial markets over the debt ceiling could impact many.

Meanwhile, in New Jersey, the Murphy administration and state lawmakers agreed earlier this year to put billions of dollars into a special fund that will be used to pay off some of the outstanding debt of the ‘State. But so far none of that money has been used for debt repayment. Check out the full story here.

It appears that a COVID-19-related slowdown was just an incident for the New Jersey film industry. State officials estimate that more than $ 500 million will be spent on television, film and other media production in the state this year.

At least two major retailers are already offering discounts on purchases well ahead of the holiday shopping season. Amazon announced Monday that it has started offering Black Friday-worthy deals, and this weekend Target is rolling out promotional offers as well. Retailers face supply chain issues, so they are urging customers to shop early in the year to ensure the gifts arrive on time.


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